NXGF(SZ:002757) Mei Ri Jing Ji Xin Wen·2025-04-22 08:16Core Viewpoint - In 2024, Nanxing Co., Ltd. (002757.SZ), known as the "first stock of furniture equipment," reported a total operating revenue of 3.332 billion yuan, demonstrating a strategic transformation amid a complex economic environment [1] Group 1: Financial Performance - The company achieved operating revenue of 3.332 billion yuan in 2024, with specialized equipment business contributing 1.817 billion yuan and IDC business revenue reaching 1.515 billion yuan, accounting for 54.54% and 45.46% of total revenue respectively [1] - Nanxing Co. has maintained a steady dividend policy, proposing a cash dividend of 2 yuan per 10 shares for 2024, totaling 59.0912 million yuan, marking 10 consecutive years of cash dividends since its IPO in 2015 [2] Group 2: IDC and Cloud Computing Business - The IDC business, as the second growth engine, generated 1.515 billion yuan in revenue in 2024, reflecting a year-on-year growth of 5.06% [3] - Since the acquisition of Unique Network in 2018, IDC revenue has increased nearly threefold, from 234 million yuan to its current scale, becoming a key performance driver [3] - Unique Network operates a dual model of "self-built and self-operated + leased operator rooms," providing various cloud computing services and solutions [3] Group 3: Market Position and Strategy - The company is strategically positioned in the Greater Bay Area, where competition in the IDC industry revolves around resource allocation, particularly land and energy consumption indicators [4] - Future plans include establishing an innovation department focused on building heterogeneous computing platforms, developing AI marketing products, and creating industry knowledge bases [5] Group 4: Industry Trends and Growth Drivers - The global demand for computing infrastructure is expected to surge, driven by advancements in AI and cloud computing, with the global cloud market projected to reach 586.4 billion USD in 2023, growing at 19.4% [6] - The domestic cloud computing market is anticipated to grow to 2.1404 trillion yuan by 2027, benefiting from AI-driven innovations [7] Group 5: Furniture Equipment Sector - Nanxing Co. has solidified its position in the furniture intelligent equipment sector, delivering the fifth-generation smart production line in 2023 and securing 70 new patent authorizations in 2024 [8] - The company has expanded its overseas sales, which accounted for 28% of total sales in 2024, with significant growth in South America and Eastern Europe [8] - The domestic furniture equipment market is experiencing growth due to rising consumer demand for customized and automated production equipment [10] Group 6: Performance Metrics - From 2015 to 2023, Nanxing Co.'s revenue grew at a compound annual growth rate (CAGR) of 29.3%, significantly outpacing the industry average [11] - The specialized equipment business also saw a CAGR of 21.37% during the same period, indicating robust growth [11]